The maintenance of accounts in a systematic way is called__________?

Related Mcqs:

1. An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?

   A. Accounting
   B. Accountancy
   C. Auditing
   D. Book Keeping

2. A systematic way to maintain the books of accounts is called_________?

   A. Accountancy
   B. Economics
   C. Book Keeping
   D. Auditing

3. The real accounts are accounts of Assets, liabilities and ___________?

   A. Expenses
   B. Revenues
   C. Capital
   D. Drawing

4. A chart of accounts generally start with which of the following types of accounts?

   A. Assets accounts
   B. liability accounts
   C. Cash accounts
   D. Revenue accounts

5. Cash brought by the owner to start business is called__________?

   A. Capital
   B. Loan
   C. Drawing
   D. None of these

6. The assets which come into existence upon the happening of a certain event are called__________?

   A. Contingent assets
   B. Fixed assets
   C. Fictitious assets
   D. Quick assets

7. Revenue and expense accounts are referred as______________?

   A. Nominal accounts
   B. Real account
   C. Cash accounts
   D. Banks account

8. The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?

   A. Sales
   B. Purchases
   C. Inward returns
   D. Closing stock

9. Which of these errors affect two or more accounts

   A. Errors of complete omission
   B. Errors of principle
   C. Errors of posting to wrong account
   D. All the three

10. On scrutiny of a firm‘s books of accounts, it was observed that the following errors have occurred in the previous years but have not yet been rectified.

    i. Depreciation for 2011-2012- 7,000 understated
    ii. Accrued expenses as at March 31, 2013 – 10,000 understated
    The impact of this on the reported net income for the year ending March 31, 2013 is

    A. 7,000 Overstated
    B. 10,000 Overstated
    C. 17,000 Understated
    D. 17,000 Overstated